
It is no secret that, in 2019, companies can leverage Big Data for a variety of use cases, from monitoring consumer spending to analysing supply chain events. Properly interpreted data can help businesses make decisions based on past metrics, which can potentially either improve customer satisfaction, drive down costs, improve margins, or achieve some combination of the above.

A report published by Dutch marketing agency, Whizpr, estimated that by 2020, 1.7 megabytes of data will be generated every second, for each person on the planet. However, only a mere 0.5% of all collected data is ever analysed, according to statistics sourced from global market intelligence firm, IDC.
According to the consulting firm, Baseline, a typical Fortune 1000 company could bring in an additional $65.7 million in net income by increasing data accessibility. This statistic, combined with the rising prominence of cutting edge technologies such as artificial intelligence, Internet of Things (IoT), automation, and machine learning, has encouraged companies and startups to seek a competitive edge by becoming data mature. In a 2017 Gartner survey, 56% of CEO respondents said that digitisation efforts, which include data digitisation, were already improving profits at their respective companies.
The Hidden Cost of Crude, Unstructured Data
While actionable insights can open up new opportunities and markets for companies, it is important to understand that not all data points are created equal. Data analytics technologies and algorithms are only effective when fed with curated and high quality data. Unstructured or crude data can negatively impact the productivity and bottom line of an organisation, resulting in an avalanche of bad decisions and inefficient internal processes. As a result, most startups have started to shift their focus to data quality, instead of quantitative metrics such as volume.
Businesses that collect unstructured or poorly organised data have a plethora of issues to grapple with, starting with high storage costs. Streaming raw data, typically obtained from noisy sources such as IoT sensors or social media accounts, can be extremely expensive to store securely, both in-house and on the cloud.
Cleaning incomplete or inaccurate data is yet another burden for companies dealing with raw data sets. Small and medium sized businesses often lack the kind of human resources needed to sift through mountains of data and cannot afford to hire dozens or hundreds of employees specifically to scrub data and make it viable for analysis. Improperly cleaned data can also lead to poor decision making in the form of botched acquisitions, failed marketing campaigns, and failed product launches.
Cleaning crude data on a massive scale can, therefore, be a massive money, time, and human resource sink for companies. Furthermore, it does not guarantee the discovery of actionable insights or the development of sound business strategies.
How Oddup Meets the Quest for Higher Quality Data and Insights
In light of mounting competition across industries, the vast majority of companies can no longer justify allocating valuable resources to filter out the noise from crude data sets. Many startups and early-stage firms simply lack the engineering prowess to perform complex analysis and extract valuable insights from data, even if it has already been sanitised and brought to an acceptable quality.
Furthermore, corporate deal advisory teams and management consultants need to quickly identify potential merger and acquisition opportunities for their companies or that of clients. Unorganised or incomplete data sets can make it difficult to spot these openings before the short strategic window closes.
To alleviate this long standing problem of data quality, Oddup provides comprehensive coverage on startups and a range of curated data offerings that enable the collection of actionable insights and market intelligence. Oddup’s proprietary metrics include the Oddup Score, which represents the health of a startup, and the Benchmark Valuation, which provides a startup’s valuation at a glance. The platform’s algorithms take into account various objective factors, as well as dynamic market conditions, to ensure real-time availability of insights. Decision makers around the world, including VCs, corporate M&A teams, and accelerator executives, rely on Oddup for due diligence.
To get started with Oddup’s insights solutions, simply sharing your details here. Alternatively, drop us an email at enterprise@oddup.com and we’ll get back to you soon.
